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Ed Slott Video: Mitt Romney's Unorthodox IRA

Monday, January 23, 2012  1 comment

Ed Slott discusses Republican presidential candidate Mitt Romney's unorthodox IRA in this video blog. The Wall Street Journal posted a January 19th article on this topic, and Ed walks you through Romney's reported account value, its pitfalls, tax expenses and what steps he should take now to avoid problems down the road in this video. This issue has come up several times in discussions about Romney's reported wealth, his assets and the release of his tax returns.

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1 comments:

Realizing which tax laws are at this time in place is hard, through all the tax debates in Washington. There is a website I ran across that in simple terms discussed the significant tax law changes effective for the 2012 tax time. This seriously helped me when I was preparing my taxes and I feel others will gain as greatly. http://www.tax-defense-network-news.com/2012-laws/

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Mailbag

Thursday's Slott Report Mailbag

Consumers: Send in Your Questions to [email protected]

Q:
Can I transfer money from my IRA to my husband's Roth IRA? I am 35, and he is 36.

Thank you!

Gail Clements

A:
No. The only way your IRA funds can be transferred to your husband’s IRA is in a divorce or after your death. Even then, it would have to be transferred to a similar IRA, for example an IRA to IRA or a Roth IRA to another Roth IRA. In this case, you cannot transfer your IRA into your husband’s Roth IRA.

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